The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 10 percent of the business’s profit. Each partner receives 10 percent interest on average capital investment. Any residual profit or loss is divided […]
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018: Values below are for Penske and Stanza, respectively: Revenues: $(700,000) $(400,000) Cost of goods sold: 250,000 100,000 Depreciation expense: 150,000 200,000 Investment income: Not given 0 Dividends declared: 80,000 60,000 Retained earnings, 1/1/18: (600,000) (200,000) Current assets: 400,000 500,000 Copyrights: 900,000 400,000 Royalty agreements: 600,000 1,000,000 Investment in Stanza: Not given 0 Liabilities: (500,000) (1,380,000) Common stock: (600,000)($20 par) (200,000)($10 par) […]
1. Fill in depreciation expense in year 3 under each depreciation method when residual value is $30,000 and useful life is 3 years: Depreciation method: Straight-line – Units-of-Output – Double-declining – 2. Fill in the book value at the end of year 1 under each depreciation method when residual value is $36,000 and useful life is 4 […]
InstructionsJournalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A.Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30.B.Paid the amount owed on the invoice within the discount period.C.Discovered that $9,000 of the merchandise purchased in (A) was defective […]
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